The shock of war hanging over Europe has clouded the global economic outlook, European Central Bank executive board member Isabel Schnabel said on Thursday. 

Additional Remarks:

"Uncertainty speaks in favour of a gradual and data-dependent normalisation."

"Reversing the current exceptional measures has the potential to mitigate inflationary pressures."

"Ending net asset purchases when inflation is robustly converging to our target also credibly underlines that our actions are solely guided by our mandate, refuting concerns about fiscal dominance."

"Inflation has proven more persistent and more broad-based than expected."

"Labour market slack is being reabsorbed at a faster pace than anticipated and pipeline pressures continue to build up."

"Our sequencing is clear."

"Inflation is not only higher than expected, but price pressures are also visibly broadening."

"Current measured inflation would be even higher if the costs of owner-occupied housing were included."

"The broad-based nature of recent upward surprises implies that significant uncertainty remains as to when the inflation peak will eventually be reached."

"Inflation is unlikely to fall back below our 2% target this year."

"A faster and more frontloaded recovery, in turn, risks increasing pressure on wages."

"We are currently witnessing the strongest labour market in the history of the single currency."

"It is now becoming increasingly likely that, in the medium term, inflation will approach our 2% target from above, rather than from below."